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Ethereum Price Weekly Forecast: Can Ether Continue Higher?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is back in a positive trend against the US dollar and bitcoin. ETH/USD’s upward move could face a tough challenge near the $565.00 resistance.

Key Highlights

Ether’s price gained more than $100.00 this past week and moved above $500.00 against the US dollar.
There is a crucial resistance sitting on the upside near $565.00 on the daily chart of ETH/USD.
ETH/BTC is back in a bullish zone with a daily close above 0.0600BTC.

Technically, the daily chart indicators are moving higher in the bearish territory and are approaching midlines.

ETH/USD is in Slow and Steady Uptrend

This past week was super bullish as ETH/USD started an upward move and climbed by more than 20 percent. The pair followed a bullish path and settled above the $500.00 level.

Similarly, it was a positive week for ETH/BTC as the pair gained momentum and broke the 0.0600BTC resistance. It is now positioned nicely above 0.0600BTC and eyes a test of the next resistance at 0.0650BTC.

Ethereum Price ETH/USD Forecast

Let’s look at the daily chart of ETH/USD to evaluate this past week’s upward move. The pair traded in a broad range above the $360.00 level before trading higher. After the mentioned consolidation, Ether broke a major bearish trendline with resistance near $405.00 to start a fresh bullish wave.

The price gained bullish momentum and traded above the 50 percent Fibonacci retracement level of the last decline from the $590.15 high to $359.33 low. It opened the doors for more upsides, and the price cleared the $500.00 psychological level.

The upward wave faced resistance near the $530.00 level and the 76.4 percent Fibonacci retracement level of the last decline from the $590.15 high to $359.33 low. More importantly, there is a crucial resistance sitting near $565.00 and a bearish trendline on the same chart.

Therefore, a successful break above $530.00 could push the price toward the $565.00 barrier. Should Ether succeed in advancing above $565.00, the price will most likely break $591.00 to accelerate gains.

Ether Price Analysis Chart

Dropping down to the 2-hour chart, there is a short-term contracting triangle forming with support near $500.00 and resistance at $520.00. The next move in ETH/USD could either be a trend continuation above $520.00 and $530.00 or an extended correction toward $450.00.

The overall medium-term bias is bullish, but a break above $565.00 could be significant for further gains toward $590.00 and $600.00.

Weekly Resistance Levels

$530.00 and $565.00

Weekly Support Levels

$505.00 and $450.00

Daily RSI

The RSI is moving higher and is currently around 40.

Daily MACD

The MACD is back in a bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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